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Daewoo Car Company

GM Daewoo Auto & Technology, (GM Daewoo or GMDAT) first established itself as National Motors, in Korea, 1937. By 1962, the name of the company had changed to Saenara Motor, and the owners of the company had changed to Shinjin Motor. Shinjin Motor bought the company after their collaborations with Toyota, but just 10 years later; Toyota had withdrawn from the deal, forcing Shinjin to begin a joint venture with General Motors Korea in 1972.

In 1976 the company was re-named again, this time to Saehan Motor. Then, in 1982, when the Daewoo Group took over the company, they re-named it once again, to Daewoo Motor.

The name Daewoo actually refers to a group of companies or conglomerate. South Korea calls the rulers of these large groups of commerse ‘chaebols', which are normally family of the business owners.The Daewoo Group began trading in 1967, founded by Kim Woo Choong in South Korea. He started up the company with a very modest $18,000. Although it seemed very little at the time, they benefited from large loans from the South Korean government, eager to get their country back on its feet. Choong and his colleagues had great ambitions for their company, even naming it ‘Great Universe'.

After the Second World War, the Allies split Korea into the natural resource rich North, and the poorer, underdeveloped South. The South's incentive for economic growth was born out of the constant threat of invasion by bigger and stronger military force of the North. Although peace has been restored to the region since 1953, the area will always be extremely volatile.

At its peak, Daewoo was South Koreas fourth largest conglomerate company. Not just a motor vehicle manufacturer, Daewoo also had operations in trading, heavy industry, shipbuilding, consumer electronics, aerospace, financial services and telecommunications. The company was comprised of 25 subsidiaries, the major one of those being the Daewoo Corporation which was licensed as a general trading company (GTC) by the South Korean Government in 1975. The Daewoo Corporation was able to finance its expansion through preferential loan agreements, improved government advice on exporting and marketing abroad and reduced foreign exchange requirements. The Governments main objective with this type of promotion was to rely on a strategy that focused attentions on the importance of exports as the method to, not only increase the country's balance-of –trade gap, but that would also strengthen domestic production.

The motor company that we know today also had many other fingers, in many other pies. From VCR manufacturers in Northern Ireland, to a microwave oven plant in France, Daewoo were producing so much more than just mechanical parts. By the end of 1988, after a partnership between Daewoo and Sikorsky Aerospace building helicopters with parts imported from America, Daewoo had the confidence and the skills to build them on their own. The parts and helicopters were produced in South Korea and were on the market considerably cheaper than their rivals.

It was in the mid 1980's that Daewoo increased their emphasis on motor vehicle production. Daewoos were first sold around the world as the Daewoo Le Mans, Pontiac Le Mans or also known as the Daewoo Racer. All of these names were for the same car design, which was taken form Opel Kadett E of General Motors. Until about 1996, all Daewoo cars were based on the designs form General Motors. The Asian financial crisis of 1997 opened up an opportunity for Daewoo to take over the troubled company Ssang Yong in '98, running into financial difficulties by '99.

In 2001, General Motors decided to buy most of Daewoo Motors assets, forming a 50/50 venture with them to form the company GM Daewoo. October 17th, 2002 saw GM Daewoo begin trading under their new name and owners, general Motors, Suzuki and SAIC. The Korea development bank and several other Korean creditors also had stakes in the company. The original plant of operations in Bupyeong and 15 other plants were not included in this deal. Instead, the plant in Bupyeong became know as Daewoo Incheon Motor Company, and made parts and sold them to GM Daewoo.

Today, GM Daewoo has got manufacturing plants all over the world, from China to Columbia, Vietnam to Korea. Their cars are marketed to 140 different countries and in 2005 they are reported to have sold 900,000 vehicles, making them Korea's biggest car manufacturer and exporte.

Daewoo Car Insurance Models

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